Solvency fears around the world’s largest crypto exchange appear to have been put to rest – at least for the time being.  

On Tuesday, Nansen reported that Binance witnessed its highest level of daily withdrawals since June. Data showed that the crypto exchange processed at least $2 billion worth of outflows from Ethereum and ERC-20 tokens, and an additional $1 billion in Bitcoin outflows.

These large withdrawals were likely triggered by panicked investors, both retail and institutional, after controversial reports emerged around the authenticity of the exchange’s Proof-of-Reserves audit.

Binance CEO Changpeng Zhao addressed the scale of outflows in a tweet late on Tuesday.  

“We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us,” tweeted Zhao.

“I actually think it is a good idea to ‘stress test withdrawals’ on each CEX on a rotating basis,” he added.

Some users that processed withdrawals appeared to confirm that the process unfolded without any hold ups. 

On-chain analysis also uncovered Binance’s balance held across a number of cold wallets, which are offline and less vulnerable to hacks. A list compiled by The Block’s VP of Research Larry Cermak found that Binance held $62 billion worth of crypto in these wallets.

According to DeFi researcher Ramsy, the rate of withdrawals on Binance have slowed down rapidly, suggesting most of the fear has passed.